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Dropping a bombshell on the U.S. grocery industry, online shopping giant Amazon.com Inc. said Friday it has agreed to buy Whole Foods Market Inc. for $13.7 billion in cash.

The deal’s announcement instantly sparked a selloff in the stocks of other major U.S. supermarket and big-box chains on expectations that Amazon would bring its low-price expertise and technology prowess to bear with Whole Foods, putting further downward pressure on prices in the already hyper-competitive, $611-billion U.S. grocery industry.( Read more...Collapse )